Maquia Capital Acquisition Corporation Confirms Additional Funding and Extension of Deadline to Complete Initial Business Combination

Rhea-AI Summary

Maquia Capital Acquisition Corporation (NASDAQ: MAQC) announced an Extension Payment of $1,730,971.90 to delay its business combination deadline from August 7, 2022 to November 7, 2022. This amount, representing $0.10 per public share, is part of a larger loan of $3,461,943.80 from its sponsor, Maquia Investments North America, LLC. The loan includes $1,500,000 that can convert into units at the sponsor's discretion. The company focuses on technology-driven middle market and emerging growth opportunities in North America.

Positive

• Received $1,730,971.90 to extend deadline for business combination.
• Loan of $3,461,943.80 supports operational funding.
• Focus on technology-driven middle market may offer growth opportunities.

Negative

• Extension indicates difficulty in finalizing a business combination.
• Need for additional funding may indicate financial pressure.

News Market Reaction – MAQCU

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1 alert

% News Effect

On the day this news was published, MAQCU declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Miami, FL, Aug. 08, 2022 (GLOBE NEWSWIRE) -- Maquia Capital Acquisition Corporation (NASDAQ: MAQC) (the “Company”) announced today that its sponsor, Maquia Investments North America, LLC (the “Sponsor”), has deposited an additional payment in the aggregate of $1,730,971.90 (representing $0.10 per public share) (the “Extension Payment”) into the Company’s trust account for its public stockholders. This deposit enables the Company to extend the date by which the Company has to complete its initial business combination from August 7, 2022 to November 7, 2022 (the “Extension”). The Extension is the second of two three-month extensions permitted under the Company’s governing documents.

The Sponsor has loaned an aggregate of $3,461,943.80 to the Company to support the two extensions, $1,500,000 of which loan is convertible, at the Sponsor’s discretion, into units identical to the units issued in the Company’s private placement that was consummated in connection with the Company’s initial public offering.

About Maquia Capital Acquisition Corporation

The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on technology-focused middle market and emerging growth companies in North America. The Company is led by Chief Executive Officer, Jeff Ransdell, Chief Financial Officer, Jeronimo Peralta, Chief Operating Officer, Guillermo Cruz, and Chief Investment Officer, Maggie Vo.

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact:
Guillermo Eduardo Cruz Ruiz
Chief Operating Officer
guillermo@maquiacapital.com

FAQ

What is the purpose of the Extension Payment by Maquia Capital Acquisition Corporation?

The Extension Payment allows Maquia Capital to delay its business combination deadline to secure a suitable merger or acquisition.

How much was the Extension Payment deposited by the sponsor?

The sponsor deposited $1,730,971.90, which is $0.10 per public share.

What are the implications of the loan amount for MAQC?

The $3,461,943.80 loan shows the sponsor's commitment but raises concerns about the company's financial health.

What is the new deadline for Maquia Capital's business combination?

The new deadline is November 7, 2022, following the extension.